On Air Now
The Capital Evening Show with Jimmy Hill 7pm - 10pm
24 September 2020, 12:26
Chancellor of the Exchequer Rishi Sunak confirmed a string of changes to the government’s financial support system amid the coronavirus pandemic.
As new coronavirus restrictions have been introduced for at least the next six months, Rishi Sunak announced a new job support scheme.
The Chancellor of the Exchequer addressed the House of Commons today (Thursday 24 September) to announce the Job Support Scheme, which will partially pay the wages of people in work at businesses who need it most.
As part of the new restrictions, businesses have had to shorten their operating hours which could see some businesses suffer as demand falls over the winter months.
To qualify for the Job Support Scheme, employees must work at least a third of their normal hours and be paid as normal by their employer. The government will then increase these people’s wages by covering two thirds of the wages they have lost by working reduced hours.
This scheme hopes to keep employees on shorter hours, rather than making them redundant.
The government’s plan will target small to medium businesses who are in need of support most, while larger firms will be helped only when business has fallen.
The offer is open to firms across the UK and will run for six months starting in November, once the furlough scheme comes to an end in October.
Businesses are eligible even if they have not previously used the furlough scheme.
The new scheme can also be used alongside the Jobs Retention Bonus which Mr Sunak unveiled in the summer.